1
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Portfolio
of
Investments
Octoberl
31,
2023
(Unaudited)
NPFD
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
157.8% 
(99.9%
of
Total
Investments)
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
104
.1
%
(
65
.9
%
of
Total
Investments)
X
446,922,279
Automobiles
&
Components
-
3.9%
$
10,195
General
Motors
Financial
Co
Inc
5.700%
N/A
(b)
$
8,561,393
10,476
General
Motors
Financial
Co
Inc
5.750%
N/A
(b)
8,166,532
Total
Automobiles
&
Components
16,727,925
Banks
-
45.2%
2,219
Bank
of
America
Corp
6.100%
N/A
(b)
2,139,502
10,610
Bank
of
America
Corp
6.500%
N/A
(b)
10,470,823
5,000
(c)
Bank
of
America
Corp
(TSFR3M
reference
rate
+
3.397%
spread)
8.806%
N/A
(b)
5,002,475
8,200
Bank
of
America
Corp
6.250%
N/A
(b)
8,059,220
1,775
Bank
of
America
Corp
6.300%
N/A
(b)
1,727,101
2,875
Citigroup
Inc
6.250%
N/A
(b)
2,698,937
3,375
Citigroup
Inc
5.950%
N/A
(b)
3,208,784
3,280
Citigroup
Inc
7.625%
N/A
(b)
3,158,454
1,650
Citigroup
Inc
7.375%
N/A
(b)
1,573,736
13,715
Citigroup
Inc
6.300%
N/A
(b)
13,299,628
8,000
Citigroup
Inc
5.000%
N/A
(b)
7,571,296
2,500
Citizens
Financial
Group
Inc
6.375%
N/A
(b)
2,032,880
3,680
Citizens
Financial
Group
Inc
4.000%
N/A
(b)
2,505,598
6,050
CoBank
ACB
6.450%
N/A
(b)
5,620,077
50
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(b)
46,750
50
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(b)
44,750
300
(c)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.689%
N/A
(b)
270,562
3,271
Fifth
Third
Bancorp
4.500%
N/A
(b)
2,780,473
7,070
(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.643%
N/A
(b)
7,191,997
5,190
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(b)
6,263,609
8,400
Huntington
Bancshares
Inc/OH
5.625%
N/A
(b)
6,532,277
5,000
(c)
Huntington
Bancshares
Inc/OH
(TSFR3M
reference
rate
+
3.142%
spread)
8.535%
N/A
(b)
4,193,461
2,933
JPMorgan
Chase
&
Co
5.000%
N/A
(b)
2,838,303
16,945
JPMorgan
Chase
&
Co
6.750%
N/A
(b)
16,932,137
3,195
JPMorgan
Chase
&
Co
6.100%
N/A
(b)
3,151,467
1,755
KeyCorp
5.000%
N/A
(b)
1,168,920
8,000
M&T
Bank
Corp
5.125%
N/A
(b)
6,032,982
3,057
(c)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.711%
N/A
(b)
3,014,709
2,445
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(b)
2,049,546
3,534
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(b)
2,939,039
5,735
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(b)
4,719,910
3,990
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(b)
3,549,845
2,470
Regions
Financial
Corp
5.750%
N/A
(b)
2,265,722
7,873
Truist
Financial
Corp
4.800%
N/A
(b)
6,452,021
8,195
Truist
Financial
Corp
5.100%
N/A
(b)
6,563,226
7,970
(c)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.773%
N/A
(b)
7,559,872
5,000
US
Bancorp
5.300%
N/A
(b)
3,923,232
4,608
Wells
Fargo
&
Co
3.900%
N/A
(b)
3,991,265
9,429
Wells
Fargo
&
Co
5.875%
N/A
(b)
9,160,788
10,345
Wells
Fargo
&
Co
7.625%
N/A
(b)
10,358,417
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
Octoberl
31,
2023
(Unaudited)
2
NPFD
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
1,200
(c)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.111%
N/A
(b)
$
1,130,519
Total
Banks
194,194,310
Capital
Goods
-
6.0%
6,200
(d)
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
6,082,116
13,900
AerCap
Holdings
NV
5.875%
10/10/79
13,045,886
4,841
Air
Lease
Corp
4.650%
N/A
(b)
4,120,381
3,673
ILFC
E-Capital
Trust
I,
144A
7.209%
12/21/65
2,702,649
Total
Capital
Goods
25,951,032
Energy
-
5.4%
8,546
(d)
Enbridge
Inc
5.500%
7/15/77
7,270,943
6,360
Enbridge
Inc
7.625%
1/15/83
5,688,645
2,350
Enbridge
Inc
6.000%
1/15/77
2,044,941
5,345
Energy
Transfer
LP
6.500%
N/A
(b)
4,840,859
545
Energy
Transfer
LP
7.125%
N/A
(b)
452,583
2,155
Transcanada
Trust
5.600%
3/07/82
1,663,277
1,460
Transcanada
Trust
5.500%
9/15/79
1,156,764
Total
Energy
23,118,012
Financial
Services
-
16.9%
2,320
Ally
Financial
Inc
4.700%
N/A
(b)
1,505,909
4,200
Ally
Financial
Inc
4.700%
N/A
(b)
2,452,001
3,785
American
Express
Co
3.550%
N/A
(b)
2,971,225
2,405
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(b)
2,276,262
3,250
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(b)
2,925,000
3,845
Capital
One
Financial
Corp
3.950%
N/A
(b)
2,676,044
13,128
Charles
Schwab
Corp/The
5.375%
N/A
(b)
12,465,799
350
Compeer
Financial
ACA,
144A
4.875%
N/A
(b)
315,000
3,690
Discover
Financial
Services
5.500%
N/A
(b)
2,460,843
1,745
Discover
Financial
Services
6.125%
N/A
(b)
1,611,357
6,310
Equitable
Holdings
Inc
4.950%
N/A
(b)
5,750,663
1,030
(c)
Goldman
Sachs
Group
Inc/The
(TSFR3M
reference
rate
+
3.136%
spread)
8.501%
N/A
(b)
1,022,737
5,140
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(b)
5,041,070
5,890
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(b)
5,490,099
9,875
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(b)
9,629,332
5,700
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(b)
4,516,195
5,000
(c)
JP
Morgan
Chase
&
Company
(TSFR3M
reference
rate
+
3.562%
spread)
8.939%
N/A
(b)
5,006,930
4,352
Voya
Financial
Inc
7.748%
N/A
(b)
4,272,728
Total
Financial
Services
72,389,194
Insurance
-
15.4%
2,595
Aegon
NV
5.500%
4/11/48
2,345,224
2,250
American
International
Group
Inc
5.750%
4/01/48
2,047,386
6,045
Assurant
Inc
7.000%
3/27/48
5,789,816
3,000
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
2,549,791
3,050
(d)
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
2,399,418
6,115
Enstar
Finance
LLC
5.500%
1/15/42
4,874,181
1,000
Enstar
Finance
LLC
5.750%
9/01/40
879,832
10,345
Markel
Group
Inc
6.000%
N/A
(b)
10,001,640
6,495
MetLife
Inc
5.875%
N/A
(b)
5,720,297
3,248
Prudential
Financial
Inc
6.750%
3/01/53
3,058,938
3,395
Prudential
Financial
Inc
5.125%
3/01/52
2,886,571
7,735
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
7,607,232
4,125
QBE
Insurance
Group
Ltd,
144A
7.500%
11/24/43
4,126,922
3
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Insurance
(continued)
$
1,600
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(b)
$
1,529,153
13,500
SBL
Holdings
Inc,
144A
7.000%
N/A
(b)
8,202,862
3,415
SBL
Holdings
Inc,
144A
6.500%
N/A
(b)
1,926,223
Total
Insurance
65,945,486
Media
&
Entertainment
-
0.4%
2,375
Paramount
Global
6.375%
3/30/62
1,747,857
Total
Media
&
Entertainment
1,747,857
Telecommunication
Services
-
2.2%
10,000
Vodafone
Group
PLC
7.000%
4/04/79
9,669,219
Total
Telecommunication
Services
9,669,219
Utilities
-
8.7%
2,685
AES
Andes
SA,
144A
7.125%
3/26/79
2,525,745
1,700
AES
Andes
SA,
144A
6.350%
10/07/79
1,571,140
2,600
American
Electric
Power
Co
Inc
3.875%
2/15/62
2,041,844
2,500
CMS
Energy
Corp
4.750%
6/01/50
2,073,155
3,910
Edison
International
5.000%
N/A
(b)
3,479,751
1,445
Edison
International
5.375%
N/A
(b)
1,294,968
14,093
Emera
Inc
6.750%
6/15/76
13,253,580
3,210
Sempra
4.875%
N/A
(b)
2,997,711
3,400
Sempra
4.125%
4/01/52
2,618,932
2,000
Southern
Co/The
4.000%
1/15/51
1,824,768
2,215
Vistra
Corp,
144A
7.000%
N/A
(b)
2,015,650
1,560
Vistra
Corp,
144A
8.000%
N/A
(b)
1,482,000
Total
Utilities
37,179,244
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$523,951,543)
446,922,279
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
26
.9
%
(
17
.0
%
of
Total
Investments)
X
115,413,408
Banks
-
6.4%
21,500
CoBank
ACB
6.200%
$
2,075,825
1,000
Farm
Credit
Bank
of
Texas,
144A
9.681%
99,500
121,601
Fifth
Third
Bancorp
6.625%
2,963,416
297,600
KeyCorp
6.200%
4,972,896
62,700
KeyCorp
6.125%
1,119,195
230,765
New
York
Community
Bancorp
Inc
6.375%
4,873,757
168,058
Regions
Financial
Corp
6.375%
3,524,176
163,723
Regions
Financial
Corp
5.700%
2,922,456
121,800
Synovus
Financial
Corp
5.875%
2,767,296
99,600
Wintrust
Financial
Corp
6.875%
2,384,424
Total
Banks
27,702,941
Capital
Goods
-
1.2%
164,687
Air
Lease
Corp
6.150%
3,972,251
43,800
WESCO
International
Inc
10.625%
1,167,708
Total
Capital
Goods
5,139,959
Energy
-
3.9%
51,100
Energy
Transfer
LP
7.600%
1,263,192
271,200
NuStar
Energy
LP
11.315%
6,807,120
176,668
NuStar
Energy
LP
12.438%
4,499,734
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
Octoberl
31,
2023
(Unaudited)
4
NPFD
Shares  
Description
(a)
Coupon
Value
Energy
(continued)
154,132
NuStar
Logistics
LP
12.389%
$
4,004,349
Total
Energy
16,574,395
Financial
Services
-
3.6%
31,750
AgriBank
FCB
6.875%
3,175,000
79,765
Federal
Agricultural
Mortgage
Corp
6.000%
1,975,859
106,297
Morgan
Stanley
5.850%
2,323,652
54,600
Morgan
Stanley
6.500%
1,346,436
27,400
Morgan
Stanley
6.875%
669,930
20,898
Morgan
Stanley
6.375%
491,521
261,000
Voya
Financial
Inc
5.350%
5,400,090
Total
Financial
Services
15,382,488
Food,
Beverage
&
Tobacco
-
2.8%
315,300
CHS
Inc
7.100%
7,797,369
157,200
CHS
Inc
6.750%
3,717,780
4,400
Dairy
Farmers
of
America
Inc,
144A
7.875%
394,900
Total
Food,
Beverage
&
Tobacco
11,910,049
Insurance
-
8.7%
310,550
American
Equity
Investment
Life
Holding
Co
5.950%
6,568,132
180,150
American
Equity
Investment
Life
Holding
Co
6.625%
4,129,038
340,200
Aspen
Insurance
Holdings
Ltd
9.593%
8,600,256
194,775
Athene
Holding
Ltd
6.350%
4,115,596
157,150
Athene
Holding
Ltd
6.375%
3,814,031
131,900
Enstar
Group
Ltd
7.000%
3,137,901
188,600
Reinsurance
Group
of
America
Inc
5.750%
4,624,472
93,300
Reinsurance
Group
of
America
Inc
7.125%
2,379,150
Total
Insurance
37,368,576
Utilities
-
0.3%
53,400
NiSource
Inc
6.500%
1,335,000
Total
Utilities
1,335,000
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$136,351,596)
115,413,408
Principal
Amount
(000)
Description
(a)
,(e)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
25
.4
%
(
16
.1
%
of
Total
Investments)
X
108,859,903
Banks
-
22.2%
$
1,000
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(b)
$
970,200
2,600
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(b)
2,507,053
2,380
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(b)
2,242,241
2,495
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(b)
1,981,297
1,595
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(b)
1,445,472
715
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(b)
617,148
3,000
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(b)
2,906,916
3,800
Banco
Santander
SA
4.750%
N/A
(b)
2,732,695
5,490
Barclays
PLC
8.000%
N/A
(b)
4,855,905
3,800
Barclays
PLC
6.125%
N/A
(b)
3,394,236
1,085
BNP
Paribas
SA,
144A
9.250%
N/A
(b)
1,102,891
3,300
BNP
Paribas
SA,
144A
6.625%
N/A
(b)
3,253,827
2,805
BNP
Paribas
SA,
144A
7.750%
N/A
(b)
2,600,721
2,430
BNP
Paribas
SA,
144A
8.500%
N/A
(b)
2,328,398
2,089
BNP
Paribas
SA,
144A
7.000%
N/A
(b)
1,863,549
2,465
Credit
Agricole
SA,
144A
7.875%
N/A
(b)
2,452,675
5,240
Credit
Agricole
SA,
144A
8.125%
N/A
(b)
5,174,500
5
Principal
Amount
(000)
Description
(a),(e)
Coupon
Maturity
Value
Banks
(continued)
$
7,000
HSBC
Holdings
PLC
6.375%
N/A
(b)
$
6,598,812
7,560
HSBC
Holdings
PLC
8.000%
N/A
(b)
7,418,250
7,641
ING
Groep
NV
,
Reg
S
6.750%
N/A
(b)
7,584,962
335
ING
Groep
NV
5.750%
N/A
(b)
294,648
1,653
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(b)
1,543,685
2,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
1,949,143
1,105
Lloyds
Banking
Group
PLC
8.000%
N/A
(b)
970,308
5,185
Lloyds
Banking
Group
PLC
6.750%
N/A
(b)
4,779,133
1,500
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(b)
1,327,699
4,625
NatWest
Group
PLC
8.000%
N/A
(b)
4,489,927
1,860
Nordea
Bank
Abp,
144A
6.625%
N/A
(b)
1,738,829
3,345
Societe
Generale
SA,
144A
8.000%
N/A
(b)
3,276,362
3,480
Societe
Generale
SA,
144A
9.375%
N/A
(b)
3,359,500
1,500
Societe
Generale
SA,
144A
4.750%
N/A
(b)
1,202,642
2,250
Societe
Generale
SA,
144A
7.875%
N/A
(b)
2,229,377
1,700
Standard
Chartered
PLC,
144A
7.750%
N/A
(b)
1,631,052
755
Standard
Chartered
PLC,
144A
6.000%
N/A
(b)
710,413
1,660
UniCredit
SpA
,
Reg
S
8.000%
N/A
(b)
1,635,100
Total
Banks
95,169,566
Financial
Services
-
3.2%
5,600
Deutsche
Bank
AG
6.000%
N/A
(b)
4,508,873
800
Deutsche
Bank
AG
7.500%
N/A
(b)
708,847
200
Deutsche
Bank
AG
,
Reg
S
4.789%
N/A
(b)
165,000
8,830
UBS
Group
AG
,
Reg
S
6.875%
N/A
(b)
8,307,617
Total
Financial
Services
13,690,337
Total
Contingent
Capital
Securities
(cost
$124,083,718)
108,859,903
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
1
.4
%
(
0
.9
%
of
Total
Investments)
X
5,979,805
Energy
-
0.9%
$
3,980
Enbridge
Inc
8.500%
1/15/84
$
3,812,710
Total
Energy
3,812,710
Financial
Services
-
0.5%
9,004
Credit
Suisse
Group
AG
0.000%
1/17/72
945,420
5,850
Credit
Suisse
Group
AG
6.380%
2/21/72
614,250
3,325
Credit
Suisse
Group
AG
7.500%
1/17/72
349,125
2,460
Credit
Suisse
Group
AG
7.500%
6/11/72
258,300
Total
Financial
Services
2,167,095
Total
Corporate
Bonds
(cost
$25,594,093)
5,979,805
Total
Long-Term
Investments
(cost
$809,980,950)
677,175,395
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
Octoberl
31,
2023
(Unaudited)
6
NPFD
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.1% (0.1%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
0
.1
%
(
0
.1
%
of
Total
Investments)
X
530,000
$
530
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
10/31/23,
repurchase
price
$530,078,
collateralized
by
$886,900,
U.S.
Treasury
Note,
2.375%,
due
5/15/51,
value
$540,601
5.280%
11/01/23
$
530,000
Total
Repurchase
Agreements
(cost
$530,000)
530,000
Total
Short-Term
Investments
(cost
$530,000)
530,000
Total
Investments
(cost
$
810,510,950
)
-
157
.9
%
677,705,395
Borrowings
-
(36.9)%
(f),(g)
(
158,314,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(2.5)%(h)
(
10,682,597
)
TFP
Shares,
Net
-
(19.7)%(i)
(
84,446,347
)
Other
Assets
&
Liabilities,
Net
-  1.2%
4,963,557
Net
Assets
Applicable
to
Common
Shares
-
100%
$
429,226,008
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
446,922,279
$
–
$
446,922,279
$25
Par
(or
similar)
Retail
Preferred
109,767,683
5,645,725
–
115,413,408
Contingent
Capital
Securities
–
108,859,903
–
108,859,903
Corporate
Bonds
–
5,979,805
–
5,979,805
Short-Term
Investments:
Repurchase
Agreements
–
530,000
–
530,000
Total
$
109,767,683
$
567,937,712
$
–
$
677,705,395
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
7
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$14,963,674
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(f)
Borrowings
as
a
percentage
of
Total
Investments
is
23.4%.
(g)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$357,533,034
have
been
pledged
as
collateral
for
borrowings.
(h)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
1.6%.
(i)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
12.5%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
TSFR
3M
CME
Term
SOFR
3
Month
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